Real Estate Associate

GENERAL PURPOSE:

This is an Associate level position with responsibility for coordinating the analytic and reporting work related to asset management and real estate valuations. The position requires proficiency with Excel and ARGUS. Asset-level experience is required and experience withmulti-family properties and appraisals is strongly preferred.

ESSENTIAL FUNCTIONS:

Pursuant to specific policies and reporting formats established by BlackRock Realty Asset Management (AM) and Portfolio Management (PM) Departments and the Director of Valuations (DV), the Asset Management Associate would report directly to a Senior Asset Manager or Asset Manager and will be charged with the following responsibilities:

· Implementing BlackRock’s Argus Format and Executive Summary for each property type.

· Converting existing Argus models and ‘base case’ acquisition cash flow models to the SAF.

· Coordinating the systematic collection of monthly property information.

· Coordinating leasing activity, lease-up assumptions, sale/rent/operating comparables, and capital market dynamics.

· Updating quarterly Argus model based on factual changes.

· Completing internal quarterly values and valuation memos and internal asset management.

· Completing valuation-related reports to senior management and Investment/Valuation Committees.

· Maintaining a valuation-related database.

· Auditing and abstracting MAI appraisals to facilitate quarterly AM, DV and PM review.

· Completing lease proposal evaluations and other capital investment cost/benefit and asset management analyses.

· Completing quarterly and annual sell/hold scenarios and ad hoc value sensitivity analyses.

· Providing supplemental underwriting analytic/due diligence support.

· Provide support (as requested by Acquisitions Department to meet critical approval deadlines).

· Interface with the brokerage community to obtain market intelligence, sale and lease comparables.

· Overseeing execution of purchase contracts, ongoing asset management including asset development process and leasing activities

· Portfolios include assets across the entire lifecycle from pre-development, development, post-construction, to lease-up.

JOB SPECIFICATIONS:

· Must be well versed in the asset valuation fundamentals and appraisal process

· Minimum of four years’ experience modeling and running property valuations for all core property types with a focus on multi-family properties

· College degree required, MBA or MS in Real Estate preferred

· Minimum of four years professional experience with principles/practices of real estate asset management, law, accounting and appraisal.

· Demonstrated proficiency with ARGUS valuation model, and in building and running EXCEL spreadsheets and Word documents.

· Excellent interpersonal and communication skills.

WORKING CONDITIONS:

Positions will be located in BlackRock Realty’s California office. Hours will vary depending on workloads, with workweeks averaging in excess of 40 hours. Extended work hours will be necessary at quarter-end and during other time-sensitive transaction or reporting periods, with 10-20% overnight travel.

Skills